Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (17) | Ignore Thread Prev | Next
Author: Wradical Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121061  
Subject: Re: A Pox on Turbo Tax Date: 5/21/2010 10:24 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 12
A possible translation, Turbo Tax asked for the Medicare payments when the SSA-1099 was entered and automatically included them as a medical insurance payment. Not realizing they were already included in the medical insurance payments, the OP entered the Medicare payments again as a medical deduction.
=============================================
Moral of the story:
Turbo Tax (or any tax software program) will do the math for you, but you can't let it do your thinking for you.
You still have to check over the output-the completed return - for accuracy and reasonableness.
This is a point I keep repeating to our younger crew in the office, who figure they have it all entered right, and don't bother doing that last step - checking the output for accuracy. After all, that's what Bill is there for, right?

Worse - they ask me a question, and I point to a number on the return, and say, "OK, but is that the right number?"
Response: (Deer-in-the-headlights stare) "Well, I ASSUME so. (the program) calculated it." WRONG ANSWER.

Worst of all - my two pet peeves:
1. System-generated client letter addressed to a deceased client.
2. 4 quarterly estimates, and a refund on the return. (WHY make a client write a bigger check, with a refund coming? You don't, if you're thinking at all.)

Those two things quickly tell me they're not looking at their finished work. That's the difference between a professional and an assembly-line worker.


Bill <--recovering from 35th tax season.
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (17) | Ignore Thread Prev | Next

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
Post of the Day:
Macro Economics

Intel's Broadwell Potential
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement